PSA Peugeot Citroën
| operating_income = €1.736 billion (2010) | net_income = €1.134 billion (2010) | assets = €68.49 billion (end 2010) | equity = €14.30 billion (end 2010) | num_employees = 186,000 (2009) | parent = | subsid = Citroën, Peugeot, Faurecia (majority stake), Gefco, Banque PSA Finance, Peugeot Motocycles, Peugeot Citroën Moteurs, Process Conception Ingénierie | homepage = psa-peugeot-citroen.com | intl = yes }} PSA Peugeot Citroën (previously Peugeot Société Anonyme) is a French manufacturer of automobiles and motorcycles sold under the Peugeot and Citroën marques. Headquartered in the 16th arrondissement of Paris, PSA is the second largest automaker based in Europe and the number six in the world. History In December 1974 Peugeot S.A. acquired a 38.2% share of Citroën. In May 1976 they increased their stake of the then bankrupt company to 89.95%, thus creating the PSA Group (where PSA is short for Peugeot Société Anonyme, later to be changed to PSA Peugeot Citroën). Since Citroën had two successful new designs in the market at this time (the GS and CX) and Peugeot was typically prudent in its own finances, the PSA venture was a financial success from 1976 to 1979. In late 1978, PSA purchased the failing Chrysler Europe from the troubled U.S. parent firm for a nominal USD $1.00, plus assumption of outstanding debt, leading to losses for the consortium from 1980 to 1985. During this period, PSA lost its traditional competitive footing in the executive car market. The company The two brands retained their separate sales and marketing structures, but have benefited from a common technology, development and assembling assets. PSA is actively committed to develop its market presence and sales in many fast growing developing countries and regions of the world. This led to huge investments and partnerships in South America, Iran (Iran Khodro) and China (Dongfeng Peugeot-Citroën Automobile). Jean-Martin Folz was PSA's CEO between 1996 and early 2007, when he was replaced by former Airbus head Christian Streiff. Streiff was sacked on 29 March 2009, a day after the company posted a full year loss for 2008. Streiff was replaced by Corus Group chief executive Philippe Varin. European Car of the Year Peugeot S.A., Citroën and PSA have produced a number of European Car of the Year winners. *1969 - Peugeot 504 *1971 - Citroën GS *1975 - Citroën CX *1988 - Peugeot 405 *1990 - Citroën XM *2002 - Peugeot 307 *2007 - Peugeot 207 Subsidiaries * Citroën * Peugeot * Faurecia (majority stake) * Gefco * Banque PSA Finance * Peugeot Motocycles * Peugeot Citroën Moteurs * Process Conception Ingénierie Collaborations PSA held a collaboration agreement with Fiat known as Sevel (Société Européenne de Véhicules Légers SA and Società Europea Veicoli Leggeri-Sevel S.p.A., owned 50% by Fiat, 25% by Automobiles Peugeot and 25% by Automobiles Citroën). As a result of this, two factories have been built assembling three ranges of vehicles, Sevel Nord and Sevel Sud. Peugeot and Fiat's Argentinian operations were also joined under the name of Sevel Argentina S.A. (Sociedad Europea de Vehículos para Latinoamérica), although Fiat withdrew in 1995. There was a more recent agreement with Toyota Motor Corporation for the development and manufacturing of a series of city cars in a new factory in the Czech Republic. The resulting company is called TPCA (Toyota Peugeot Citroën Automobile) and it currently manufactures the Citroën C1, Peugeot 107 and Toyota Aygo. There was also a new agreement with PSA and BMW; the new Prince engine was designed by this joint venture and replace PSA's old TU engine family. In 2005, PSA Peugeot Citroën formed an alliance with Mitsubishi Motors. Under the deal, PSA Peugeot Citroën would import the Citroën C-Crosser and Peugeot 4007 for sale in Europe. Those two models were based on the Mitsubishi Outlander, and would be assembled at Mitsubishi's plant in Okazaki, Japan. Engine choices would include PSA Peugeot Citroën's diesel engines and Mitsubishi's petrol engines. PSA, in a joint venture partnership with Ford Motor Company since 1998, currently supplies 1.4L, 1.6L, 2.0L and 2.2L diesel engines used in the various models by Ford and its subsidiaries. In return, PSA gets diesel engines with displacement of 2.2L and above, suitable for large passenger cars and commercial vehicles. PSA also sell their engines, gearboxes and other parts for minor companies like Side-Bike, DeLaChapelle, PGO and others. Mitsubishi Motors and PSA Peugeot Citroen are going to collaborate in technology for electric vehicles as the global race to build green cars heats up. Other interests PSA owns about 71% of automotive supplier Faurecia, a company created by a 1997 merger between Bertrand Faure and PSA-owned ECIA. PSA also owns the logistics company Gefco and in the United Kingdom since 1981 operates the aftermarket parts company Motaquip. Electric vehicles PSA has announced plans to sell an electric car in Europe starting 2010. PSA signed an agreement with Mitsubishi to develop an electric car, the Citroën C-ZERO, for the European market based on i MiEV four-door car, which has been available in Japan since summer 2009. Head office The head office of PSA Peugeot Citroën is located in the 16th arrondissement of Paris."Contact." PSA Peugeot Citroën. Retrieved on 7 July 2010."Axa allie patrimoine et modernité." Le Journal du Net. Retrieved on 7 July 2010. The 1961 building houses around 2,000 employees. of space in the lobby includes an automobile showroom. See also *Sevel Van *Dongfeng Peugeot-Citroën Automobile *Vigo, in Galicia has PSA biggest factory in the world References External links * Category:Companies founded in 1976 Category:PSA Group Category:Electric vehicle manufacturers Category:Motor vehicle manufacturers of France Category:Companies of France